Old Mutual Shareholders Want End to Board, CEO Peter Moyo Saga

Peter Moyo the former CEO of African insurance giant Old Mutual, a South African firm, was first suspended then fired by the board for a breakdown in trust. Moyo turned to the courts who temporarily reinstated him to his position but this decision was appealed by Old Mutual whose legal team said the appeal made the court order null and void. Moyo's attorneys disagreed and went on to file the second part of his case last week in which Moyo wanted the entire Old Mutual board, including chairman Trevor Manuel, South Africa's former finance minister, declared delinquent. Now shareholders have told the board to clear the matter with Peter Moyo, even settling with a payout if necessary - but will Moyo bite and leave? In the meantime, Moyo has been handed a second termination letter - a move labelled by his attorney Eric Mabuza as "madness."

Photo: Old Mutual

(file photo)

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